September 28, 2015

Volcker Rule FAQs updated

The Federal Reserve Board has updated its Frequently Asked Questions regarding the application of section 13 of the Bank Holding Company Act of 1956, commonly referred to as the Volcker Rule, and regulations adopted by the Fed, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Commodity Futures Trading Commission. The Fed noted that while the FAQs apply to banking entities for which the Fed has jurisdiction under section 13 of the BHC Act, they have been developed by staffs of all five agencies.

The latest updates, FAQ Nos. 17 and 18, discuss the application of the Volcker Rule to compliance for market making and the identification of covered funds and to CEO certification for prime brokerage transactions.